A profitable dental practice builds with incremental improvements over the years. Besides providing quality care, dentists must also be skilled in marketing, finance, and management; the little things add up! By following these five tips, you can increase your profitability and provide better service to your patients.
1. Increase patient retention. It costs more to acquire a new patient than it does to retain an existing one. That’s why it’s important to focus on keeping your patients coming back for more. Here are a few tips for increasing patient retention:
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Provide excellent customer service. This means being friendly and welcoming, addressing any concerns promptly, and going the extra mile to make sure your patients are satisfied.
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Offer loyalty programs. This could include discounts, free services, or referral rewards.
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Stay in touch with patients. Send them regular newsletters or emails, or follow up with them after their appointments to see how they’re doing.
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Make it easy for patients to schedule appointments. Offer online scheduling, extended hours, and same-day appointments.
2. Add new services. One of the best ways to increase your profitability is to add new services to your practice. This could include things like teeth whitening, cosmetic dentistry, or implant dentistry. When you add new services, you’re not only opening up new revenue streams, but you’re also attracting new patients who are interested in those services.
3. Upsell and cross-sell. Dentists don’t like to talk about “selling,” but there are opportunities to offer more value to your patients’ lives. Upselling and cross-selling are two great ways to increase your average production per visit. Upselling is when you offer a patient a more expensive service than the one they came in for. Cross-selling is when you offer a patient a related service that they may also be interested in. For example, if a patient comes in for whitening, you could upsell veneers or orthodontics. You could also cross-sell them on a custom sportsguard when a patient has new porcelain crowns done and engages in contact sports.
4. Improve your efficiency. There are many ways to improve your efficiency and save time, which can lead to increased profits. Here are a few tips:
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Automate as much as possible. This could include things like scheduling, billing, and inventory management.
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Delegate tasks. Don’t try to do everything yourself. Delegate tasks to your staff whenever possible.
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Streamline your processes. Look for ways to make your processes more efficient. This could include things like creating checklists or using templates.
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Embrace technology. There are a number of technological solutions that can help you improve your efficiency. For example, you could use a practice management system to automate your scheduling and billing.
5. Increase your fees. Inflation doesn’t stop for dentists. If you haven’t raised your fees in a while, it’s time to do so. The good news is that most patients are willing to pay a fair price for quality care. When you raise your fees, be sure to explain to your patients why you’re doing it. This will help them understand and be more likely to accept the increase.
Incremental change leads to exponential gain!
By following just one or two of these tips, you can increase your dental practice profitability and provide better service to your patients. Remember, every dollar of increased profitability now leads to higher practice value when it’s time to sell. If you’d like to discuss how our team can help you promote new services, reactivate overdue patients, or create new systems for better operations, reach out and start the conversation!